Tridge summary
US live cattle futures experienced a decline due to profit-taking and economic concerns, despite reaching nearly eight-year highs. Benchmark April live cattle futures dropped 0.425 cent to 164.675 cents per pound, and front-month February futures fell 0.125 cent to 162.150 cents. CME March feeder cattle futures also closed down. Macroeconomic worries, following an acceleration in US consumer prices, contributed to the bearish sentiment. However, wholesale beef prices saw an increase, with choice cuts rising to $272.06 per hundredweight. Meanwhile, CME hog futures closed higher due to firmer cash hog prices, indicating tighter supplies, and the USDA priced pork carcasses at $81.88 per cwt, up 14 cents from the previous day.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
US live cattle futures closed lower on Tuesday on profit-taking after rising to the highest levels in nearly eight years, with worries about the health of the US economy adding to bearish sentiment, Reuters reported, citing analysts. Benchmark April live cattle futures on the Chicago Mercantile Exchange (CME) settled down 0.425 cent at 164.675 cents per pound. Front-month February finished down 0.125 cent at 162.150 cents per pound, retreating after climbing to 162.350 cents, the highest on a continuous chart of the spot futures contract since April 2015. CME March feeder cattle futures ended down 0.550 cent at 186.650 cents per pound. "It's just a little profit-taking. We broke out of the top of a trading channel, and then didn't have any follow-through," said Doug Houghton, analyst with Brock Capital Management. Macroeconomic jitters hung over the markets. Wall Street equities ended mixed after data showed US consumer prices accelerated in January, suggesting that the Fed will ...
Source: The Cattle Site
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